The Finance Brokers Association of Australia (FBAA) says the decision by ASIC to defer the commencement date of the mortgage broker best interest duty (BID) and remuneration reforms was a welcome and necessary move.

However FBAA managing director Peter White AM said he has sought further clarification from ASIC on its statement that it would “continue to work towards releasing final guidance on both reforms in mid-2020.”

“Given the regulatory guide was due in May, we need some clarity from ASIC as to when it will be out, as mid-2020 is subjective.

“Once the guidance is at hand the FBAA will be conducting a series of education and compliance training for implementing BID.”

Mr White said the decision to push back the implementation date is “a credit to not only the work of the FBAA who has been lobbying Government to push this back since last year, but to all the relevant bodies in our industry and to brokers.”

“This has transpired due to the faith and trust our Government has in the broker community and our professionalism and integrity.”